![]() ![]() Albert, Nisku, and, of course, Edmonton). ![]() We operate out of Stony Plain Alberta, but we service the entire Edmonton and surrounding areas (including Spruce Grove, St. Tracking the financial activities of a business is the truest purpose of bookkeeping, meaning it allows you to keep an up-to-date record of the current incoming and outgoing amounts, amounts owed by customers and by the business, and more. Seemingly straightforward, bookkeeping quickly becomes more complex with the introduction of taxes, assets, loans, and investments. While it may seem obvious, detailed, thorough bookkeeping is crucial for businesses of all sizes. ![]() The person(s) responsible for bookkeeping for a business would record all transactions that are related, including but not limited to:īookkeeping and accounting are often heard being used interchangeably, however, accounting is the overall practice of managing and analyzing finances of a business or individual, while bookkeeping refers more specifically to the tasks and practices involved in recording the financial activities on a daily basis. It is essential for businesses, but is also useful for individuals and non-profit organisations. All bank, credit card and loan accounts are reconciled monthly by our team for accuracy.Įssentially, bookkeeping means recording and tracking the numbers involved in the financial side of the business in an organised way. There are usually set structures in place for bookkeeping that are called ‘quality controls’, which help ensure timely and accurate records. It is a distinct process that occurs within the broader scope of accounting.Įach transaction, whether it is a question of purchase or sale, must be recorded. Accuracy is therefore vital to the process.īookkeeping provides the information from which accounts are prepared. It ensures that records of the individual financial transactions are correct, up-to-date and comprehensive. Starting and maintaining solid, professional accounting practices is essential for the growth of a business.īookkeeping is the recording, on a day-to-day basis, of the financial transactions and information pertaining to a business. Bookkeeping is the systematic recording and organising of financial transactions in a company ![]()
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